Silicon Motion Technology (NASDAQ:SIMO) Stock Price Down 6.6% – Here’s Why

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s share price was down 6.6% during trading on Thursday . The company traded as low as $114.93 and last traded at $113.1410. Approximately 216,985 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 968,794 shares. The stock had previously closed at $121.13.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SIMO. Susquehanna increased their price target on shares of Silicon Motion Technology from $95.00 to $120.00 and gave the company a “positive” rating in a research report on Monday, November 3rd. Needham & Company LLC reissued a “buy” rating and issued a $110.00 target price on shares of Silicon Motion Technology in a research note on Monday, November 3rd. JPMorgan Chase & Co. boosted their price target on Silicon Motion Technology from $85.00 to $110.00 and gave the company an “overweight” rating in a report on Monday, November 3rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Silicon Motion Technology in a research report on Monday, December 29th. Finally, Roth Capital reiterated a “buy” rating and issued a $120.00 price objective on shares of Silicon Motion Technology in a research report on Friday, October 31st. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $111.25.

Silicon Motion Technology Price Performance

The company has a market capitalization of $3.73 billion, a PE ratio of 37.82, a PEG ratio of 1.16 and a beta of 1.05. The company has a 50 day moving average of $91.03 and a two-hundred day moving average of $85.55.

Silicon Motion Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Thursday, August 6th. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 68.73%.

Institutional Investors Weigh In On Silicon Motion Technology

Several hedge funds have recently bought and sold shares of the business. Brown Brothers Harriman & Co. purchased a new position in shares of Silicon Motion Technology during the third quarter valued at approximately $26,000. EverSource Wealth Advisors LLC grew its stake in shares of Silicon Motion Technology by 169.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after buying an additional 366 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Silicon Motion Technology by 118.3% in the second quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer’s stock worth $73,000 after acquiring an additional 529 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Silicon Motion Technology in the second quarter worth $75,000. Finally, NewEdge Advisors LLC bought a new position in shares of Silicon Motion Technology during the third quarter valued at $79,000. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.